ISLAMIC MODES OF FINANCING (FIN624)

Name and address of the bank branch you visited with name
and contact number of branch manager

Branch name: P.A.F. SHAHEEN, SARGODHA BRANCH

Branch Code: 503

Phone Numbers: 048-37124638

Fax Numbers: 048-31763618

Address: Sargodha-P.A.F. Shaheen

Manger Haymayoun

Key features of Car Ijara

 Financing limit between PKR 200,000 to PKR 5,000,000/-

 Fixed monthly rentals till maturity
 Repayment tenure ranging from 3 to 6 years
 Takaful arrangement through leading business partners
 Initiation of rentals only after delivery of vehicle

Criteria
Salaried individuals:

 Applicant must be a Pakistani citizen

 Applicant must be a Pakistani citizen
 Applicant to be 22 years or more at the time of application and 59 years or less/
retirement age, whichever is lower at the time of maturity
 Minimum monthly income to be PKR 20,000
Self-employed business persons/professionals:
  Applicant to be 22 years or more at the time of application and 69 years or less/
retirement age, whichever is lower at the time of maturity
 Minimum monthly income to be PKR 25,000

Note:- Moreover, an additional document is attached hereby to ease the

procedure. In above mentioned procedure if an individual is full fill the criteria
then he will be able to get the car via Islamic ijara.

Ijara Conventional Lease

Ownership related rights and liabilities No clear demarcation between rights and
reside with the bank while usage related liabilities of customer and the bank
reside with the customer

Rentals start after delivery of asset to Installments may start prior to delivery of
customer asset to customer

Asset is insured based on Takaful model Asset is insured primarily on conventional

insurance model

The customer allows bank to pay an

amount to charity in case of late payment of
rentals
Ijarah-ProductFeatures Key Fact Sheet

Effective from July 01,2017 to Dec 31st, 2017

A. Your financing need
Name of the product HBL CarIjarah
Vehicle required: New Used Imported Vehicle
Financing required
Lease Tenure ( 3 to 6
years)
Rental type Fixed
B. Estimated Cost of this Financing
What will be the monthly Rental payable? * = Financing Amount +Profit (APR x Term of
Financing) * This is tentative value and
exact Term of Financing (In Months)
amount will be
communicated
at the time of
approval.
Application Processing Charges *Regular charges: Rs. 7,500/- (Inclusive of):
Documentation charges, verification, stamp duty, Credit Report:
Actual up to Rs. 150/-, Vehicle evaluation charges: actual to be
borne by customer.
*as per latest SOBC. This may change from time to time, please
visit website for updated SOBC
What total amount will you pay for the (Monthly Rental) X (Term of Financing) months=Rs.
financing?
C. Early payments
Can you repay before the maturity? Yes
How can you repay before the maturity? Customer will visit the branch and request for early termination of
Car Ijarah.
Will you have to pay any additional In case of early termination of Ijarah facility after delivery of
amount/charges for early termination of vehicle where customer would like to purchase vehicle, then bank
the financing? may add 9% on outstanding financing amount as sales price.
D. Default/late payment information
What will you have to do to acquire back your if customer pays off the overdue amount; vehicle will be
repossessed vehicle? returned to him / her, however in case if the customer is unable
to pay off then Bank will opt the liquidation Process.
Default charges Vehicle Re-Possession
Charges
Rs. 1,000/- per late Rs. 50,000/- or
What penalty will you be charged for not payment. These charges actual,
repaying on time? will be treated as “Charity” whichever is
and credited to charity lower.
account.
E. Other material information
What Takaful avenues do you have? JLI, EFU (or any other as approved by HBL from time to
time)
What documents will be provided to you? HBL Car Ijarah application, letter of understanding,
Schedule of Charges (SOC), Ijarah facility Documents,
Direct Debit Form.
Can you sell your vehicle to a third party during No
the tenor of the financing?
What happens in case of death of borrower (s)?
Where can you get assistance and redress?
CarIjarah lease agreement will continue until the legal heirs of the
lessee
terminates this.
Customer can call HBL Phone Banking at 111-111-425 or
contact local HBL Branch.

Customer’s Signatures and Date Authorized Banker’s

Signature and Date

I / We hereby acknowledge and confirm: (a) receipt of these key fact sheet governing this
Car Ijarah-ProductFeatures (hereinafter referred to as the “KFS”); (b) having carefully
read and understood the KFS; (c) that the KFS has been signed by me / us as
acceptance of the terms and conditions governing Car Ijarah-ProductFeatures.

The Bank charges are in accordance with the Schedule of Bank Charges, as amended
from time to time.